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RBI rate hikes bring cheer to depositors. These savings accounts pay up to 7.5% interest
From Ujjivan to Bandhan Bank, small finance banks and new private banks have been offering higher interest rates on savings accounts compared to leading private and public sector banks to acquire new retail customers.
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Several small finance banks and new private banks have raised interest rates on savings accounts following the Reserve Bank of India’s (RBI) five consecutive repo rate hikes since May 2022 of a cumulative 225 basis points to 6.25 percent (100 basis points = 1 percentage point). Small finance banks and new private banks are offering higher interest rates on savings accounts compared to leading private and public sector banks, as per data compiled by BankBazaar.
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Make a practice to keep a part of your surplus income in savings accounts for liquidity and emergencies during uncertain times. Here are the banks which have raised the interest rates on savings accounts and are offering up to 7.5 percent interest rates.
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Ujjivan Small Finance Bank is offering interest rates of up to 7.5 percent on savings accounts.
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AU Small Finance Bank, DCB Bank and Equitas Small Finance Bank are offering interest rates of up to 7 percent on savings accounts. The average monthly balance requirement at AU Small Finance Bank is Rs 2,000 to Rs 5,000 and at Equitas Small Finance Bank, it is Rs 2,500 to Rs 10,000. At DCB Bank, the minimum balance required is Rs 2,500 to Rs 5,000.
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Bandhan Bank, CSB Bank and RBL Bank are offering interest rates of up to 6.5 percent on savings accounts. The average monthly balance requirement at CSB Bank and RBL Bank is Rs 2,500 to Rs 5,000. At Bandhan Bank is monthly average balance is Rs 2,500 to Rs 5,000.
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South Indian Bank and IndusInd Bank are offering interest rates of up to Rs 6 percent on savings accounts. The monthly average balance required at IndusInd Bank is Rs 1,500 to Rs 10,000. At South Indian Bank, the average monthly balance required is Rs 1,000 to Rs 2,500.
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Small finance banks and new private banks are offering higher interest rates to acquire new retail customers. You should choose a bank with a long-term track record, good service standards, a wide branch network and ATM services across cities; a higher interest on savings accounts would be a bonus.
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The interest rate on savings accounts for all BSE-listed small finance banks and private banks are considered for data compilation. BankBazaar compiled the data as of December 2, 2022. Banks whose websites don't advertise the data are not considered. The minimum balance requirement for the regular savings account and excluding a basic savings bank deposit (BSBD) account is considered.
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